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Overheat worry pulls down market in morning
By Feng Jianmin |
April 14, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks closed lower in the morning as the news of a possible 12-percent GDP growth in first quarter aroused concern for overheated economy.
The benchmark Shanghai Composite Index dipped 0.2 percent or 6.45 points to 3,154.8 in the morning. Turnover stands at 71.4 billion yuan (US$10.45 billion). Gainers outnumbered losers at 525 to 410, and 169 remained unchanged.
Shenzhen Composite Index that tracks the smaller market closed 0.15 percent higher to 1,240.1.
Industrial and Commercial Bank went down 1 percent to close at 4.94 yuan. China Merchant Bank edged down 0.5 percent to 16.06 yuan after it posted a 17.03 percent drop of profit year on year in its 2009 annual report. The bank also announced a 6.34 percent increase of profit in the first quarter in 2010 compared with the previous quarter.
China's largest real estate company Vanke went down 0.54 percent to 9.20 yuan. Poly Real Estate dropped 1 percent to close at 18.76 yuan.
Wuhan Iron and Steel Co edged up 0.6 percent to 6.71 yuan after the Administration for Industry and Commerce announced anti-dumping tax against Russian and US silicon steel, benefiting China's largest provider of steel of this kind. Its main competitor Bao Steel went up 0.26 percent to 7.73 yuan.
National Bureau of Statistics will tomorrow publish the official GDP of the first quarter in 2010.
The benchmark Shanghai Composite Index dipped 0.2 percent or 6.45 points to 3,154.8 in the morning. Turnover stands at 71.4 billion yuan (US$10.45 billion). Gainers outnumbered losers at 525 to 410, and 169 remained unchanged.
Shenzhen Composite Index that tracks the smaller market closed 0.15 percent higher to 1,240.1.
Industrial and Commercial Bank went down 1 percent to close at 4.94 yuan. China Merchant Bank edged down 0.5 percent to 16.06 yuan after it posted a 17.03 percent drop of profit year on year in its 2009 annual report. The bank also announced a 6.34 percent increase of profit in the first quarter in 2010 compared with the previous quarter.
China's largest real estate company Vanke went down 0.54 percent to 9.20 yuan. Poly Real Estate dropped 1 percent to close at 18.76 yuan.
Wuhan Iron and Steel Co edged up 0.6 percent to 6.71 yuan after the Administration for Industry and Commerce announced anti-dumping tax against Russian and US silicon steel, benefiting China's largest provider of steel of this kind. Its main competitor Bao Steel went up 0.26 percent to 7.73 yuan.
National Bureau of Statistics will tomorrow publish the official GDP of the first quarter in 2010.
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